Adani Group Shares Soar High: Identified Factors Drive Up Prices Today
In a significant development, the Securities and Exchange Board of India (Sebi) has dismissed allegations of stock manipulation made by US-based short-seller Hindenburg Research against Adani Group companies. The regulator's probe found no breach of the Listing Agreement or LODR norms in the transactions between Adani Group companies.
The Sebi order covered Adani Ports & SEZ, Adani Power, Adicorp Enterprises, Gautam Shantilal Adani, and Rajesh Shantilal Adani. However, it's important to note that this article does not contain any new facts about the allegations made by Hindenburg Research or Adicorp Enterprises.
The advance in Adani Group shares, which saw Adani Group shares advancing sharply on Friday, was driven by two key developments. Firstly, the dismissal of the allegations by Sebi, and secondly, the news that Dubai-based real estate major Emaar is considering a joint venture with large companies in India, including the Adani Group.
In 2020, four Adani companies extended Rs 620 crore to Adicorp, which then lent Rs 610 crore to Adani Power without disclosure in the financials of multiple lenders. However, the Sebi probe found that these transactions did not qualify as related-party deals.
Mayuresh Joshi, Head of Equity Research at William O'Neil India, stated that Adani's presence across power, renewables, and cement could benefit in the medium to long term from supportive government policies. He also added that stocks like Adani Power, Adani Ports, and cement major ACC Ltd remain stocks to watch.
It's worth mentioning that our website provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
In a separate development, Emaar confirmed it is not pursuing any stake sale in its Indian subsidiary. The Dubai-based real estate company that the Adani Group is negotiating a possible joint venture with is Emaar Properties.
After reviewing the matter, the regulator stated it would "dispose of the instant proceedings against Noticees without any direction." This means that the proceedings against Adani Group companies have been closed without any action being taken.
In conclusion, the dismissal of the allegations of stock manipulation by Sebi and the potential joint venture with Emaar Properties have contributed to the sharp advance in Adani Group shares. However, it's crucial to approach any investment decisions with careful consideration and professional advice.
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